1.Results from Sabin Metal Corporation
2.Production Ramp-up
3.R & D leach/precipitation results
4.GPGI Brochure
Summary
We have received the results from Sabin Metal Corporation. The results are excellent. We are continuing to ramp-up production by increasing the number of shifts
and increasing capacity through furnace modification.
We have completed our R & D on the leach/precipitation method mentioned in earlier releases. Yields in the lab are over 10 oz. per ton.
Our brochure is now in distribution.
Results from Sabin Metal Corporation
On Thursday, May 20th Global Platinum did receive those results from Sabin Metals Corporation. Those results are as follows:
Total sample weight received by Sabin Metals = 2.0064 kg.
Total sample weight (dry) = 1.8634 kg. = 1,986.34 grams
METAL
% BY WEIGHT
GRAMS
TROY OUNCES
MARKET VALUE / TON
GOLD
1.365
27.11
0.872
$274 * 399 ozt = $109,326
PLATINUM
1.205
23.94
0.770
$354 * 352 ozt = $124,602
PALLADIUM
1.355
26.91
0.865
$344 * 395 ozt = $136,021
RHODIUM
0.965
19.17
0.616
$820 * 282 ozt = $231,240
TOTAL VALUE PER TON OF ANODE SLIME = $601,189
Management is very pleased by these results. In all there is a total of less than 1% difference between our assay amount and the amounts recovered by Sabin
Metals. These results also confirm the high quality of assay work done by Global.
Production Ramp-up
Global started the first phase of its production start up, on time, this April and made a small test shipment to its refiner on April 29, 1999. Now with the confirmation
report from Sabin Metal Corporation, the company is beginning the second phase of its production start up. Additional people have been hired and trained so that
our mill will be running at 18 shifts per week commencing May 24, 1999. Our furnaces will be modified over the next six weeks. These modifications will improve
burner efficiency and increase capacity by 40%. We have received a quotation for a high efficiency furnace. Global's management sees its next goal as to produce at
least $35,000 per week of precious metals - at which the company will be profitable.
R & D Leach/Precipitation Results
As previously reported, R & D developed a leach/precipitation method with yields in the range of $1,200 - $1,700 per ton. In that the yield was below our current
level, direction was given to continue to develop this new method until the recovery rate had increased to normal levels. We have now completed our R & D on this
leach/precipitation method. The yields in the lab are over 10 oz. per ton. Pilot plant tests will be conducted starting May 24.
The reason why we are interested in this method is that it does not require time consuming steps. With minor modifications we would have a capacity of 120 - 150
tons per day. The cost of the reagents used in this process is quite low. Most importantly, the precipitant would be shipped directly to the refiner. If this
method is successful it means that Global can almost immediately achieve a much larger cash flow while at the same time continue the slower but profitable
furnacing/electrowinning process
GPGI Brochure
We have started distributing our brochure. It is our intention to mail a copy along with this progress report to all shareholders.
Clarification
There have been a number of questions raised since the May 6th press release about the 1,000 lb. shipment. Please re-read item #5 of the May 6th press release.
The item read "Continue to produce as much anode slimes as possible with a view to having a 1,000 lb. shipment available for Sabin Metal Corporation upon
completion of their refining evaluation." Sabin Metal Corporation physically received the shipment on May 5, 1999. At the time it was estimated that Sabin
Metal Corporation would require a minimum of six weeks to complete their evaluation which means that we intended to ship on June 16th. We are very pleased that
Sabin completed their evaluation in such a short period of time.
In conclusion, I am very pleased that we are now in production and that the results from Sabin Metal Corporation confirm the success of our process. I look
forward to reporting to you very soon on our progress with our furnacing as well as the results of our new leach and precipitation process.
Mike McKay
Facilities Manager
May 21, 1999
This communication to shareholders and the public contains forward-looking statements. Actual results may differ materially from those indicated by such statements.
All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future production, are forward-looking
statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
OTCBB: GPGI
May 25, 1999
Progress Report
This report to the shareholders will cover the following: |
